Teck Resources to take stake in Midas Gold

Stockhouse Editorial
0 Comments| July 2, 2013

Midas Gold (TSX: T.MAX, Stock Forum) Tuesday announced that it has agreed to undertake a $9,809,800 non-brokered private placement with Teck Resources (TSX: T.TCK.B), whereby Teck will subscribe for 12,740,000 common shares of Midas at a price of 77 cents per share, this according to a company news release.

It is anticipated that Teck will own approximately 9.9% of Midas’ outstanding shares upon closing of the placement.  

Midas Gold said it will use the funds to update the mineral resource estimate for its Golden Meadows gold-antimony-silver project in Idaho, and to complete a pre-feasibility study based upon those results.  

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